Insider Selling: Intuit Inc. (NASDAQ:INTU) EVP Sells $15,856,983.80 in Stock

Intuit Inc. (NASDAQ:INTU) EVP Alex G. Balazs sold 23,810 shares of Intuit stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $665.98, for a total value of $15,856,983.80. Following the completion of the transaction, the executive vice president now directly owns 489 shares in the company, valued at $325,664.22. This trade represents a 97.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Intuit Price Performance

Shares of NASDAQ INTU opened at $656.45 on Monday. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $183.75 billion, a price-to-earnings ratio of 63.73, a P/E/G ratio of 3.31 and a beta of 1.24. The company has a 50 day simple moving average of $639.96 and a two-hundred day simple moving average of $632.08.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same period last year, the business earned $1.14 EPS. Intuit’s revenue was up 10.2% compared to the same quarter last year. Analysts expect that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, January 9th. This represents a $4.16 annualized dividend and a dividend yield of 0.63%. Intuit’s dividend payout ratio (DPR) is presently 40.39%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Harvest Portfolios Group Inc. boosted its position in Intuit by 5.4% in the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after purchasing an additional 1,853 shares during the last quarter. GAMMA Investing LLC lifted its position in Intuit by 33.7% during the third quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock valued at $2,383,000 after purchasing an additional 968 shares in the last quarter. Retireful LLC bought a new stake in Intuit during the third quarter valued at about $740,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Intuit in the third quarter worth about $56,144,000. Finally, Howe & Rusling Inc. raised its stake in shares of Intuit by 8.0% in the third quarter. Howe & Rusling Inc. now owns 10,857 shares of the software maker’s stock worth $6,742,000 after buying an additional 808 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INTU has been the topic of several analyst reports. Morgan Stanley lifted their target price on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $760.00 price objective on shares of Intuit in a research note on Friday, November 22nd. Bank of America increased their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Piper Sandler reduced their price target on Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Finally, Barclays dropped their price objective on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Intuit has an average rating of “Moderate Buy” and an average target price of $737.44.

About Intuit

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.